US Federal Reserve bars five ex-Credit Suisse bankers from sector

WASHINGTON (Reuters) – The U.S. Federal Reserve barred five former Credit Suisse staffers from the banking sector on Monday after they were previously indicted for their role in helping wealthy Americans dodge taxes.

The Federal Reserve said in a statement that any continued employment in the banking industry by the five ex-staffers – Markus Walder, Marco Parenti Adami, Susanne Ruegg Meier, Michele Bergantino and Roger Schaerer – would “impair public confidence.”

Credit Suisse pleaded guilty last May to a criminal charge for its own role in the tax evasion scheme and agreed to pay $2.5 billion in a deal with U.S. authorities.

The Fed said the prohibition on the five ex-employees is effective “indefinitely” unless the criminal charges against them are dismissed.